In the past five years the annual adjustment has averaged just 1.4 percent — less than half the 3 percent average of the prior two decades starting in 1990. Retirees and disabled Social Security recipients are reporting that the COLA is doing a poor job of what it's intended to do — protecting the buying power of their Social Security benefits. According to an annual survey performed by TSCL, Social Security benefits have lost 31 percent of their buying power since 2000. .TSCL has been getting a steady stream of email from those of you who might potentially be affected by a sizable benefit cut when you. Ask the Advisor: June 2021 What Is Congress Doing to Prevent My Benefits From Being Reduced? .According to Rep. Roskam, the bill would enhance data sharing between states and agencies so that they can more easily catch scammers, and it would modernize outdated fraud prevention systems. Upon introducing the bill, Rep. Carney said, "In this Congress, it's not easy to find areas where Democrats and Republicans agree, but fighting waste, fraud, and abuse while saving billions of taxpayer dollars just makes sense." .TSCL recently submitted comments on the draft FDA regulations, stating "classifying CAM products as drugs, the cost of access would increase, as consumers may have to visit and pay a doctor for a prescription, instead of being able to choose their own vitamins, minerals and dietary supplement intake." TSCL is further concerned about the impact such regulation would have upon Medicare beneficiaries. Currently, Medicare reimburses few CAM therapies and products and seniors must pay out of pocket. Most Part D drug plans, for example, don't cover vitamins and supplements. TSCL called on the FDA to withdraw the regulations. .TSCL is receiving a large number of comments about the impact of no COLA from retirees around the country, and recently started posting some of the stories. According to new research for TSCL, there are several important factors affecting why COLAs aren't accurately reflecting retiree healthcare costs. "First of all, the consumer price index (CPI) used to calculate Social Security and other retiree COLAs doesn't survey the spending of people age 65 and over," Cates explains. The Consumer Price Index for Workers (CPI-W) does not include changes in Medicare premiums, according to background information from the Bureau of Labor Statistics (BLS). .TSCL supports legislation that would raise the taxable maximum. "TSCL believes that cutting Social Security benefits can't be justified when moderate payroll tax adjustments can keep the system solvent for decades," says TSCL Executive Director Shannon Benton. "Requiring everyone to pay their full share would add years of solvency to the Social Security," Benton says. .TSCL is also concerned about the debt limit because in prior debates to lift the ceiling, Social Security benefits have been used as a bargaining chip, and retirees have seen unexpected benefit cuts. For example, in 2015, following the passage of the Bipartisan Budget Act, millions of seniors already eligible for Social Security benefits learned a popular claiming method called "file and suspend" would no longer be available to them. The unexpected change received no public debate, it went into effect almost immediately, and it hit seniors who were just months away from retirement. ."Using the chained CPI to calculate COLAs would make the problem even worse," Hyland contends. "The chained CPI is calculated much differently than the Consumer Price Index for Workers (CPI-W), the current CPI, and would have a significant effect on reducing the total amount of lifetime Social Security benefits that people receive," Hyland says. "The data certainly suggests this is the case," he adds. .More Veterans Could Get Covid-19 Vaccinations